The whole concept of the Investor's Intelligence Survey seems
flawed right out of the gate.

Joking - sort of.

Guy Lerner, over at the Technical Take (see Here) has some
excellent data backing up this perspective. Specifically, he
looks at the Rydex fund flows to assess how investors and traders
are actually postured in the market. Here is one metric - post
close Friday - indicating that investors are far from ambivalent
with their allocations on the long side of the market.

"(This) is a weekly chart of the SP500. The indicator in the
lower panel measures all the assets in the Rydex bullish oriented
equity funds divided by the sum of assets in the bullish oriented
equity funds plus the assets in the bearish oriented equity
funds. When the indicator is green, the value is low and there is
fear in the market; this is where market bottoms are forged. When
the indicator is red, there is complacency in the market. There
are too many bulls and this is when market advances stall.

Currently, the value of the indicator is 70.64%. Values
less than 50% are associated with market bottoms. Values
greater than 58% are associated with market tops."